ETH Token Hints A Bearish Reversal!

Following the cross-border market correction on Wednesday, the altcoin leader, ETH price, has recorded a correction of 2.58% with a drop of 11.28% in its trading volume to $16.596 Billion within the past day.

The cryptocurrency market corrected 1.51% over the past 24 hours, indicating a reduction in bullish influence within the crypto space. Top tokens have displayed a consolidated price movement over the past few days, suggesting a weak price action for these altcoins during the upcoming days.

However, post-approval of the Ethereum ETF, the ETH coin price traded under a strong bullish sentiment for a brief period. But since the week’s start, Ethereum (ETH) price has displayed a high possibility of a bearish reversal in its price chart.

ETH Token Hints A Bearish Reversal!

Following the cross-border market correction on Wednesday, the altcoin leader, ETH price, has recorded a correction of 2.58% with a drop of 11.28% in its trading volume to $16.596 Billion within the past day.

Moreover, the Ethereum token has added less than 0.10% over the past seven days, indicating weak buying and selling pressure for the crypto token.

The ETH coin price continues to hover close to its important support level of $3,730, indicating a cool-off in the price action. Furthermore, the SMA indicator shows a bearish crossover in the 1D time frame, indicating an increase in the selling pressure within the crypto space.

The Moving Average Convergence Divergence (MACD) displays a constant decline in the green histogram. Further, the averages record a high possibility of a bearish convergence, suggesting a weak price action for the altcoin leader in the market.

Will ETH Price Reclaim 4K This June?

Suppose the market holds the price above the support level of $3,730. In that case, the bulls will regain momentum and the Ethereum token will prepare to retest its important resistance level of $4,095 during the upcoming weeks.

Conversely, if the bears overpowered the bulls, the ETH coin price would break down its support level of $3,730 and plunge toward its lower support level of $3,400 in the coming time.

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